Real estate subsidiary of Canadian pension fund to set up platform for technology sector-focused workplaces in India; Korea's NPS has CEO decision revoked at telecom giant; and more.
The Yoon Suk Yeol administration has indicated its intention to meddle in the governance of former public enterprises that have long since been privatized - two decades ago - as the government forced financial holding companies recently to replace their chairmen. Concerns are therefore growing over the possibility of nepotism spreading to both KT and POSCO Holdings, based on who ends up replacing their chief executives.
The KT board s plan to reappoint CEO Ku Hyeon-mo is causing an intensifying conflict with the National Pension Service (NPS), the telecom firm s largest shareholder under government control, according to industry officials, Friday. Earlier this month, the NPS lowered its stake in KT to 9.99 percent from 10.12 percent. Its decision was attributed to the regulation that forces shareholders with more than a 10-percent stake to return their short-swing profits to companies they invested in, if those shareholders change the purpose of their investments to “interference in management.”